It may be definitive, as in a general lifetime maximum for claims, or it may be set annually (like $500,000 per year). The aggregate limit of liability is the total amount in dollars that you will be paid by your insurance policy.
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Westchester argued that the term is commonly used in policies and means the maximum that applies to all underlying insurance.
General aggregate limit insurance term. The general aggregate limit is spelled out in the insurance contract and caps the number of covered losses for which an insurer will pay. The general aggregate limit of an insurance policy is the maximum amount of money the insurer will pay out during a policy term. By setting a limit on payouts, the insurance provider can keep their cost relatively low to encourage business owners to purchase a policy.
The maximum limit of insurance payable during any given annual policy period for all losses other than those arising from specified exposures. The term is also known as “general aggregate limit of liability,” which is the maximum amount of money an insurance company will pay for claims, losses, and lawsuits that happen during the active period of your policy (typically one year). It is the payout limit for all incidents occurring during the policy period.
It places a ceiling on the insurer's obligation to pay for bodily injury, property damage, medical expenses and lawsuits that may occur to a business during the policy's term. The general aggregate limits can be amended to apply separately to designated locations or to designated projects. Two important limits include “each occurrence” and “general aggregate”:
A general aggregate sets the limits of your commercial general liability (cgl) policy. If the insured makes a single claim for $50,000, the insurance company pays only $25,000, the. Depending on the number of locations or projects designated, these endorsements can greatly reduce the likelihood that a policyholder's general aggregate limit will be exhausted during the policy period.
The insureds took a different approach. Under this, the coverage will pay for any claim, loss and lawsuit in which a policyholder is involved, until it reaches the aggregate limit. The general aggregate limit in your cgl insurance is an example of that balancing act.
Aggregate limit and per claim limit many insurance policies have what is called an aggregate limit. The aggregate limit for covered losses resets at the beginning of the new policy term. In commercial general liability insurance, the general aggregate is the maximum amount of money the insurer will pay out during a policy tenure.
A general aggregate limit is a crucial term in cgl insurance, and it's equally critical that a policyholder understands it. This is different than a per occurrence limit, which is the maximum amount the policy pays out per claim levied against you within the term of your policy. A general aggregate limit is a crucial term in cgl insurance, and it's equally critical that a policyholder understands it.
Each occurrence is the claim limit for. Cgl insurance policies carry liability limits, which means that during the term of coverage, the insurance will pay only up to a certain amount.once the policy reaches those thresholds, its financial resources are exhausted. The general aggregate limit places a ceiling on the insurer’s obligation to pay for property damage, bodily injury, medical expenses, lawsuits, and so on, which may arise during the tenure of the insurance policy.
Policy terms are 6 or 12 months. A general aggregate limit of liability applies to all types of liability claims that the policy covers, such as property damage, bodily injury, personal, and advertising injury. General aggregate limit — the maximum limit of insurance payable during any given annual policy period for all losses other than those arising from specified exposures.
For westchester, the case turned on its definition (or lack thereof) for “general aggregate” limit of liability. Under the standard commercial general liability (cgl) policy, the general aggregate limit applies to all covered bodily injury (bi) and property damage (pd) (except for injury. For example, a liability policy may have a $25,000 per claim limit and an aggregate limit of $100,000.
Under the standard commercial general liability ( cgl) policy, the general aggregate limit applies to all covered bodily injury (bi) and property damage (pd) (except for injury. A general aggregate is the maximum limit of coverage which applies to commercial general liability insurance policy. As with other kinds of insurance, the higher the coverage the greater the premium.
Umbrella insurance policy is an additional amount of coverage which is offered once the underlying limit of the general liability insurance is exhausted. The general aggregate is the maximum amount of money a liability insurance policy will pay in a given policy term. General aggregate as mentioned, the general aggregate limit is another term for aggregate.
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